Shares in Asia Resources Holdings, a manufacturer of pharmaceutical and health-care products, rose 16.67 per cent yesterday after the company's largest shareholder sold a controlling stake to legislator Chim Pui-chung, known to investors as the 'Golden Banker'. After news of the deal was released, Asia Resources soared as much as 58.97 per cent in the morning but finished the day with a gain of 6.5 HK cents at 45.5 HK cents. The stock's wild ride came after the company's original owner and chairman, Wu Yong, announced that he had sold 400 million shares or a 28.34 per cent stake in the company he founded to Golden Mount, of which Mr Chim is the beneficial owner. The deal was done at 40 HK cents per share, or a premium of 2.56 per cent to the closing price on October 10, the stock's last trading day. On October 13, trading was suspended at the request of the company pending an announcement. Mr Wu's stake now stands at 4.25 per cent. As a result of the deal, Golden Mount acquired the right to appoint two executive directors to Asia Resources' board and has named Chan Sung-wai, a petroleum magazine editor, as well as Mr Chim's son, Chim Kim-lun. Mr Chim is a former stockbroker and now a functional constituency legislator representing stockbrokers, futures traders and gold dealers. Born in Chiu Chow, Guangdong province, in 1946, he moved to Hong Kong when he was 13. In 1970, he became a floor trader and later opened his own brokerage firm. By 1982, he had been nicknamed the 'Golden Banker' because he was a major shareholder in 25 listed companies. He served as a legislator from 1991 until he was disqualified in 1998 after being found guilty of conspiring to forge share documents and being sentenced to a year in jail. Asia Resources formerly provided transport services, including direct shipment, transshipment and the charter of vessels. In 2005, it sold subsidiaries that provided transport services and expanded its pharmaceutical operations with the purchase of Zhejiang Juneng Rosi Pharmaceutical and Siping Yatai Medicine Industry, both makers of intravenous fluids and containers to hold the fluids. It operates three production plants on the mainland with an output capacity of about 96 million bottles per year.